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Tag: Education Trust

Trusts Explained for Immigrants

Posted on Sat Jun 15, 2019, on Trusts

From Our “Ask a Question” Mailbag: “I am an immigrant from China. I read your articles, and could you please write an article about Trusts Explained for Immigrants?” Trusts Explained for Immigrants. After living for a year in Beijing, spending several years in Europe and being married to a Korean […]

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Can I use my revocable living trust to form an education trust for my nieces?

Posted on Thu Jul 23, 2015, on Trusts

From our “Ask a Question” mailbag: I created a Revocable Living Trust to avoid probate with the Philadelphia Register of Wills, but I have decided that I would like to form a trust that would pay for my nieces college education. Can I do this using my Revocable Living Trust?

You can certainly form an Education Trust within the terms of your existing Revocable Living Trust. A Living Trust is divided into two main parts; the terms that apply when you are alive and the terms that apply after your death.

What I can do is draft an amendment to your existing Revocable Living Trust adding the Education Trust into the “what happens after your death” portion.

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Estate Planning Opportunities; Use Them or Lose Them!

Posted on Mon Sep 17, 2012, on Estate Planning

Only a little over three months remain to maximize estate tax and gift tax opportunities that are scheduled to disappear in 2013. There is still time, but if you are going to act you need to start working with your estate planning lawyer soon.

Never have the Gift Tax and Estate Tax exemptions been higher than they are currently. The Federal Estate and Gift Tax Exemptions are currently $5,120,000.00. If congress takes no actions, these exemptions fall to $1,000,000.00 in 2013. This change exposes to taxation an additional $4,120,000 to those who die or gift in 2013 vs. 2012, increasing the tax due by hundreds if not millions of dollars.¹

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What Our clients are saying

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Maureen O'Ryan

Peter Klenk was great at explaining complicated issues and making them understandable. He and his team were extremely efficient and I highly recommend them for the creation of wills and trusts.

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John Heward

Peter offers excellent service in a easy friendly atmosphere. Highly recommended!

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Stephanie Sesker

We were extremely pleased with the work done by Peter Klenk and members of the staff at Klenk Law. They were very thorough and did the work in a timely fashion. Peter's explanations of the legal system were very clear and helpful. I highly recommend this firm and Peter.

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hinda schuman

very happy to deal with Peter Klenk law firm over many decades

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Wendy Charlap

We came to this firm based because of the online reviews we read and were not disappointed. Peter and the staff were a pleasure to work with - Peter was friendly, knowledgeable and patient with all our questions and the office staff were extremely responsive and efficient with all the scheduling and follow up needed to get us ready for the signing. We also like that all documents are housed in a portal that is easily accessible. Thank you to Peter and the team for helping us cross 'update estate planning documents' off our list.

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